Today’s financial services industry is dynamic, ever-evolving and competitive and, as such, your supporting software needs to accommodate frequent changes and rapid growth. That is why having an end-to-end business management solution, like an ERP software, is so important for any financial services provider.
A full-scale solution ensures that all the right people have the financial metrics they need to make sound financial and business decisions. ERP solutions allow you to increase customer satisfaction and service delivery by ensuring that everyone has access to the information they need. Helping you effectively and quickly respond to customer and provider inquiries, as well as resolve any complaints or disputes.
A key evolution for the financial services industry, business management software can boost your revenue by ensuring that all sales opportunities are captured, followed up on and converted. In addition, ERP solutions help you negotiate the best possible prices and deals with your suppliers and ensure that relationships are optimally managed.
How ERP Solutions Can Solve Financial Services Pain Points
Consolidating funds across multiple entities is often a laborious and time-consuming manual process for many businesses’ accounting teams. Due to the rush against the clock to finish on time, this process can be prone to human error and inaccurate data. With the right accounting software, your financial services firm can benefit from fast, reliable and real-time data analytics to optimise a variety of business operations.
Transparency and Visibility
When finances are your business’s main focus, operational transparency and data visibility are a must. Financial services companies can struggle to enforce good practices and ensure that every employee is following industry and company-wide standards. An ERP solution is critical for your financial services firm to build a reliable accounting system that offers multidimensional reporting and real-time data visibility.
Inefficient Data Entry and Reporting
Standalone finance and accounting software offers basic reports with minimal analytics and can lead to having many separate financial systems. Separate systems mean manually transferring and reinputting data from one system to another. Not only can ERP software offer more varied types of reports to help you manage your business more effectively, but integrating an ERP system can remove the time-consuming process of traditional data entry.
The Benefits of ERP Solutions for Financial Services
Real-Time Multi-Fund Consolidation
The best modern ERP solutions offer real-time multi-fund consolidation across hundreds of entities and various financial streams. Owners, managers and accounting teams can drill down into your company’s funds, assets and operations using built-in and customer reports, as well as smart real-time analytics. With push-button consolidations, you can get fast, close and reliable accounting data for maximum impact on your company’s performance.
By integrating ERP into your business, you can combine all of your financial service, business and accounting processes into one financial management system. This provides you with easy, fast and reliable access to all of your financial data that is needed across your company and its departments. Intelligent ERP software means that your business can automate a variety of daily tasks, such as creating reports, data entry, consolidating, etc.
A modern business management solution used by today’s financial services industry have fully customisable dashboards that can be designed to meet the specific needs of your business. You also have the flexibility to build additional dashboards that can analyse and report your unique data needs and KPIs. Empower your CFO and CIO to become increasingly more data-driven, enabling them to move away from outdated reporting processes, slow consolidation and error-prone human inputs.
Multi-Dimensional Visibility in General Ledgers
By having to consistently reformat your General Ledger to reflect the information you need can stand in the way of overall productivity. With a modern ERP system, you can abandon obsolete account segments and utilise dimension values that reliably capture your business’s context of transactions, operational measures and budgets. You can easily add unique dimensions to ensure that your General Ledger reflects the way your business operates and the account information you need.
Reduced Operational Cost
ERP systems can also help your company save money on operational costs and cut your expenditure by streamlining various business processes. With your company’s processes being automated and effortlessly monitored, breakdowns, bottlenecks and disruptions can be prevented or quickly eliminated! This gives your business the ability to address any reoccurring issues or unexpected failures faster and more easily; saving you time and money.
Another important benefit of ERP systems is that they offer firewalls, antimalware and digital security measures that lower the risk of data breaches. Access points are easily monitored, security levels are instantly increased and any suspicious or unauthorised activities will be alerted to by the system. Incorporating an ERP solution into your company will give you more control over your business operations and financial processes, while securing what is most important.